Quote from: julerz12 on Today at 12:48:51 PM

Quote from: cheezcarls on April 19, 2021, 11:46:28 AM

This was published 8 hours ago as of this time of creating this thread:

Source: https://www.sunstar.com.ph/article/1892062/Cebu/Business/Cebu-City-eyes-use-of-cryptocurrency

Mga kabayan, especially mga taga-Cebu, anu masasabi nyu dito? Nakita ko kasi may mga mixed reactions tungkol sa pag gamit ng cryptocurrencies para magbayad ng business at real estate property tax, etc., sa Cebu City.

Si Cebu City Mayor Edgar Labella at C Peso Inc.’s CEO Jaewon Kim nag sign ng memorandum of understanding para masimulan na ito ma adopt ang itong sistema sa Cebu City government. Kung ganun, ang Cebu City na mismo ang pinaka una sa entire Visayas Group of Islands na mag fully adopt nito.

Sa akin lang ha, although welcoming naman ito na ma recognize yung cryptocurrencies sa Cebu City, ang concern lang naman dito is yung funds collected by the Cebu City government with cryptocurrencies, hindi kontrolado ng Central Bank.

May sariling stablecoin si C Peso pero under sa Ethereum network, so good luck na lang sa gas fees.

Hassle. Since the people still have to use the stablecoin (C PESO), it means kelangan pa e covert ang fiat mo to this stablecoin which would require a 3rd party merchant in which, most definitely, will charge you with conversion fee; unless, they directly accept whatever top cryptos we have now like ETH and BTC, problema nga 'lang yung volatility at transaction fees (Ethereum already significantly lowered their gas fees BTW).
I'm pretty sure they're in it for the tax. Roll Eyes

Maybe this is also another way for them to find out who the crypto holders within that region and have the BIR go after them. Cheesy

Whoah, that is a very nice assessment that you have there sir. I never thought that their scheme might be possible. I mean we have no proof that this scenario is the case but I think you have well thought of that and from what I see is that it is feasible. The fees are for the tax and the fees will be burdened to the people who will use their platform but of course to see is to believe, right? Anyway, if the end game here is for crypto to be adopted by Cebu and that will follow many more crypto related ventures then I am all game for that.